Nigeria’s equities market rallied further by 0.16percent or N43billion on Thursday as investors increased their hunt for bargain on the local bourse. The market rally was driven by investors who bought stocks like Geregu which gained N6 to top the advancers, while Multiverse rose by 42kobo and University Press which was up by 15kobo .

A record three-day rally since Monday has pushed the market higher by 1.04percent this week, while the positive return this year has risen to 5.02 percent. Though the market has decreased this month by 8.49 percent. In 3,187 deals, investors exchanged 93,514,824 shares valued at N3.383billion.

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“Looking ahead, we expect investors to continue to cherry-pick stocks with sound fundamentals as earnings season goes underway. However, we maintain that the local bourse will remain broadly bearish amid a rising yield environment in the fixed-income market,” according to United Capital Research analysts in their October 26 note to investors.

The Nigerian Exchange Limited (NGX) All-Share Index (ASI) and its Market Capitalisation increased from preceding day’s lows of 44,788.14 points and N24.390trillion to 44,859.78 points and N24.433trillion.

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By Iheanyi Nwachukwu • October 27, 2022

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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